Day Traders Diary

5/16/19

Stocks rose on Thursday as sentiment was boosted by strong earnings from Walmart and Cisco Systems. The banks are also lending support thanks to higher rates and positive economic data. The Dow Jones Industrial Average is trading up around 200 points. The S&P 500 and the Nasdaq Composite are both up nearly 1%. Walmart shares rose 2.5% after the retailer posted first-quarter earnings. Cisco Systems also reported better-than-expected quarterly earnings thanks to strong demand for their switches. The big banks like Citigroup, Bank of America and JP Morgan Chase are all up over 1%.

The Commerce Department said it was adding Huawei and 70 affiliates to its "Entity List," which bars these companies from buying components and technology from U.S. firms without government approval.  Most of the chips stocks are lower due to fears of losing business or lsoing suppliers.